Gold (XAUUSD), Silver, Platinum Forecasts – Gold Pulls Back Amid Profit-Taking

Gold Moves Lower As Treasury Yields Rise

Gold pulls back as traders take some profits off the table after the recent rally. Rising Treasury yields served as a bearish catalyst for gold markets in today’s trading session. The yield of 2-year Treasuries climbed towards the 3.77% level, while the yield of 10-year Treasuries moved above 4.28%. Rising yields are bearish for gold that pays no interest.

U.S. dollar is losing some ground against a broad basket of currencies, but this move does not provide support to gold.

Traders stay focused on the situation in the Middle East. It looks that U.S. and Iran are ready to continue negotiations, although the date of the new round of talks remains uncertain.

Oil prices are moving back and forth as traders try to guess when the Strait of Hormuz would be reopened. It should be noted that the appetite for risk stays strong as U.S. equity markets are moving higher. However, rising appetite for risk did not provide support to gold markets in today’s trading session.

From the technical point of view, gold faced resistance in the $4860 – $4880 range and pulled back towards the $4800 level. In case gold declines below $4800, it will head towards the nearest support, which is located in the $4660 – $4680 range.

On the upside, a move above the resistance at $4860 – $4880 will push gold towards the next resistance level at $4980 – $5000.

Silver Pulls Back As Traders Take Some Profits Off The Table

Silver continued its attempts to settle above the resistance level at $78.00 – $79.00 as traders focused on geopolitical developments.

Gold/silver ratio settled below the 61.00 level, providing some support to silver. If silver declines below 60.00, it will move towards the 57.50 level, which will be bullish for silver markets.

It looks that traders decided to take some profits off the table after the strong rebound from March lows. The situation in the Middle East remains challenging, and traders are waiting for more clarity.

If silver manages to settle above the resistance level at $78.00 – $79.00, it will head towards the next resistance, which is located in the $84.00 – $85.00 range. RSI remains in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

On the support side, a move below the $78.00 level will push silver towards the $75.00 level. If silver settles below $75.00, it will head towards the support at $71.00 – $72.00.

Platinum Tests New Highs

Platinum is moving higher as rebound continues. Palladium markets are down by 0.9%, but this move did not put pressure on platinum prices.

From a big picture point of view, traders shrug off worries about the situation in the Middle East and bet that U.S. and Iran will reach a peace deal in the near term.

Platinum managed to settle above the resistance level at $2040 – $2060 and is trying to settle above the $2100 level. In case this attempt is successful, platinum will head towards the resistance at $2210 – $2230. A move above the $2230 level will push platinum towards the $2450 level.

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